http://www.SodowskyLaw.com If you have unfiled tax returns and have unpaid taxes, you may be worried and stressed about the possibility of paying a failure-to-file penalty. Find out here what the penalties are for not filing tax returns.
Typically, a failure-to-file penalty can be sizeable. Unfortunately, you could be facing a large financial penalty for not filing your tax returns. While the penalty for filing late or not filing at all is .5% per month, you will also be charged 4.5% per month of the unpaid tax. The maximum penalty for filing late is 22.5%, whereas the highest penalty for paying your taxes late can be up to 25%. Although these penalties are already huge, it may surprise you to learn that the total penalties can be up to 47.5% of your unpaid taxes.
In order to find out your options and limit the amount of money you owe, seek professional tax help now to protect yourself from any further penalties. Call the Sodowsky Law Firm in Fairfax at 703.476.1176.